The rise of the compliance gurus

Police Line

To hear Jamie Dimon tell it, regulation and the cost of compliance are becoming a threat to the American dream.

'In the old days, you dealt with one regulator when you had an issue, maybe two', the JPMorgan CEO said on a call with investors in January. 'Now, it’s five or six. It makes it very difficult and very complicated. You all should ask the question about how American that is'.

Bloomberg News reports that several tax brackets down from Dimon, Justin 'the Compliance Guru' Hall is betting that Dimon’s scourge will, by contrast, ensure his own upward mobility.

Hall, 28, is a compliance officer at Charles Schwab’s retail bank. He and thousands of others like him, at every company in finance, are charged with keeping their revenue-obsessed colleagues on the right side of the rules. Compliance, not banking, has been the real growth business since 2008, when free-market liberties turned to liabilities and markets collapsed.

To access the complete Bloomberg News article hit the link below:

The Rise of the Compliance Guru—and Banker Ire

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